The judge at the center of Brazil's sprawling investigation into kickbacks to politicians said Tuesday he would consider joining the Cabinet of President-elect Jair Bolsonaro if invited. The ETF lost steam in the afternoon and closed at US$38.775.
Bolsonaro has been a member of the Christian Democratic party and the Social Christian Party, the latter of which he left in 2018 to pursue Presidential election with the Social Liberal Party. "One of their leaders - Lula - is in prison".
Brazil's PT Party had been in power from January 2013 until 2016.
The guilty verdict was upheld on appeal and Brazil's Supreme Court has rejected numerous requests to free the former president, universally known as Lula.
For voters, Bolsonaro was a shift from the norm.
For Ivan Briscoe, director for Latin America of the NGO International Crisis Group, the victory of the former captain of the army contribute to "the weakening of democracy" in the region, in reference to crises in Venezuela and Nicaragua.
In a sign of how tense the race got, Haddad did not congratulate Bolsonaro and only on Monday morning did he wish him luck.
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"Those who don't respect the law need to understand they will be held responsible, either before the law or by being taken down", he said. "Bolsonaro is more convincing to Brazilians than his opponent was on issues like anti-corruption, security and, most importantly, the economy".
Bolsonaro said in February that he would not give up "one centimeter more" of land to indigenous communities in Brazil - home to around 60 percent of the Amazon rainforest - who are often threatened when standing up for their rights.
Bolsonaro pledged not to hire anyone tainted by corruption charges. "Why would she meet Bolsonaro, a man who could cause her trouble simply for the things he has already said?" Consolidation could be on the horizon, he said, and Brazil may even see a positive re-rating and follow India's path to become the "next big long-term story".
Brazil's national industry confederation criticized the idea.
Osorio, however, warns, that "Brazil is not for beginners" because of the high volatility of the market and the inflationary pressures it normally suffers.
But Bolsonaro and Trump face fundamentally different backdrops, with the Brazilian leader elected in the wake of economic crisis.
And, like Trump, he has also said Brazil would scrap or try to renegotiate trade treaties, including the South American common market Mercosur.
"He's declared before many times that there was no authoritarian regime - that this was a movement, not a coup, in 1964 - that there was no torture and that there were no political prisoners", Daniela Campello, a professor of politics at the Fundação Getulio Vargas think tank, said.